As a landlord, there are many benefits to renting out your property to tenants with pets. While some landlords may be hesitant to rent to pet owners due to potential damage or liability issues, the truth is that tenants with pets can be some of the most responsible and long-term renters.
Not only do they often have a strong emotional attachment to their pets and are therefore more likely to take good care of the property that accommodates them, but they also tend to stay in a rental for longer periods of time to not disrupt their pet's routine and environment.
In this article, we will explore the various benefits of renting to tenants with pets, including increased rental income, longer tenancy, and a more stable tenant base. Additionally, we will also discuss some of the practical considerations and best practices for landlords when renting to pet owners.
Increased Rental Income
Pet owners are often willing to pay more for a rental that allows pets because it can be difficult for them to find suitable housing that accommodates them. This is because many landlords have a strict "no pets" policy, which can limit the options available to pet owners.
By allowing pets, landlords can charge a higher rent. There are also additional charges like pet deposits that they’ll be willing to pay if it means finding a quality rental property for them and their pets.
Increased Number of Potential Buyers
Pet-friendly rentals can also attract a larger pool of potential renters, as more and more people have pets these days and are looking for housing that accommodates them.
By allowing pets, landlords can expand their potential tenant base and increase their chances of finding a renter more quickly. Additionally, pet-friendly rentals can also have higher occupancy rates, as pet owners are more likely to stay in a rental for longer periods of time, which can lead to a more stable tenant base and less turnover.
Longer Tenancy
As previously mentioned, pet owners are often more likely to stay in a rental for longer periods of time because it can be difficult for them to find suitable housing that accommodates their furry family members. What’s more, frequent changes to living environments can be upsetting to pets.
As a result, pet owners may be more willing to stay in a rental for longer periods of time, as it allows them to keep their pets with them and avoid the stress and expense of finding new pet-friendly housing.
This can also lead to a more stable tenant base and less turnover for landlords, which in the long term can save the landlord from the costs and effort of finding new tenants.
Responsible Tenants
Pet owners are often more responsible and reliable renters because they have a vested interest in taking care of the property. They are more likely to take good care of the property to ensure that their pets have a safe and comfortable place to live.
Pets can also serve as a deterrent to criminal activity. Pet owners are more likely to have their pets in the rental property with them, which can serve as a natural alarm system and deter burglars or other intruders. Additionally, having pets in the rental property can also help create a sense of community, which can foster a safer and more secure environment.
Practical Considerations for Landlords
As a landlord, there are some potential concerns to consider when renting to pet owners. These concerns include:
Potential for Damage to the Property
Pets can scratch floors, walls, and upholstery, chew on baseboards, stain carpets, leave behind allergens and odors, or cause other types of damage. To mitigate these concerns, landlords can require a pet deposit or an additional pet fee, which can be used to cover any damage caused by the pet.
Insurance Policies
It's also important for landlords to have a clear understanding of their insurance policy, as some insurance policies may not cover damage caused by pets. Ensuring that you, as the landlord, are covered and that the tenant also has sufficient coverage can help protect both parties' interests.
Pet Policy
To address potential concerns and ensure a positive experience for all parties, landlords should create a pet policy. A pet policy should clearly outline the rules and regulations regarding having pets in the rental property, including information on pet deposits, pet fees, and any breed or size restrictions.
Pet Screenings
In addition to screening tenants, it’s also important to conduct pet screenings, which can include a review of the pet's vaccination records, a meet and greet with the pet, and references from previous landlords or veterinarians. This will help ensure that the pet is well-behaved and well-cared for, which can reduce the risk of damage or liability issues.
Being Aware of Laws
It's important to note that landlords should also be aware of any local or state laws regarding discrimination against renters with service or emotional support animals and follow the guidelines for those laws. These kinds of animals are not classified as pets. Therefore, even if you have a “no-pet” policy in place, this would not apply to service animals.
Bottom Line
While there are potential concerns, such as damage and liability, these can be addressed through a clear pet policy and thorough pet screenings. Landlords must consider renting to pet owners, as the benefits can be significant and can help create a positive and stable rental experience for all parties involved.
It's also important to follow local and state laws regarding discrimination against renters with service or emotional support animals. By implementing these strategies, landlords can attract responsible and reliable renters, increase rental income, and minimize the risk of property damage.
If you’d like help managing your rentals, consider partnering with the experts from DeSantis Property Management. We are a full-service property management firm dedicated to helping property owners achieve their investment goals.
